Steel Partners (NYSE:SPLP) Shares Gap Up - Still a Buy?

Steel Partners Holdings L.P. (NYSE:SPLP - Get Free Report)'s share price gapped up before the market opened on Friday . The stock had previously closed at $39.39, but opened at $41.50. Steel Partners shares last traded at $41.50, with a volume of 106 shares changing hands.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen started coverage on Steel Partners in a report on Monday, May 19th. They set a "strong-buy" rating on the stock.

Steel Partners Stock Performance

The stock's 50 day moving average is $40.14 and its two-hundred day moving average is $39.86. The company has a market capitalization of $820 million, a PE ratio of 4.21 and a beta of 1.25. The company has a quick ratio of 1.16, a current ratio of 1.27 and a debt-to-equity ratio of 0.11.

Steel Partners Announces Dividend

The business also recently disclosed a dividend, which was paid on Sunday, June 15th. Stockholders of record on Monday, June 2nd were issued a dividend of $0.375 per share. The ex-dividend date of this dividend was Friday, May 30th. This represents a dividend yield of 3.84%. Steel Partners's dividend payout ratio (DPR) is currently 3.32%.

Insiders Place Their Bets

In other Steel Partners news, President Jack L. Howard acquired 29,000 shares of the business's stock in a transaction dated Wednesday, May 14th. The stock was acquired at an average cost of $24.20 per share, for a total transaction of $701,800.00. Following the completion of the transaction, the president directly owned 143,516 shares of the company's stock, valued at $3,473,087.20. This represents a 25.32% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 84.80% of the company's stock.

Hedge Funds Weigh In On Steel Partners

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Axxcess Wealth Management LLC purchased a new stake in shares of Steel Partners in the 1st quarter valued at $330,000. HighTower Advisors LLC raised its holdings in shares of Steel Partners by 2.2% in the 4th quarter. HighTower Advisors LLC now owns 26,997 shares of the conglomerate's stock valued at $1,149,000 after buying an additional 577 shares during the period. Teton Advisors Inc. raised its holdings in shares of Steel Partners by 4.0% in the 4th quarter. Teton Advisors Inc. now owns 13,000 shares of the conglomerate's stock valued at $553,000 after buying an additional 500 shares during the period. Finally, Gamco Investors INC. ET AL increased its holdings in Steel Partners by 3.5% during the 4th quarter. Gamco Investors INC. ET AL now owns 96,864 shares of the conglomerate's stock worth $4,123,000 after purchasing an additional 3,300 shares during the period. Institutional investors and hedge funds own 50.75% of the company's stock.

About Steel Partners

Steel Partners Holdings L.P., together with its subsidiaries, engages in industrial products, energy, banking, defense, supply chain management, logistics, and youth sports businesses worldwide. It operates through Diversified Industrial, Energy, Financial Services, and Supply Chain segments. The company fabricates precious metals and alloys into brazing alloys; manufactures and sells seamless stainless steel tubing coils; fasteners, adhesives, and fastening systems for the commercial low slope roofing industry, as well as specialty fasteners for the building products industry; and woven substrates of fiberglass, quartz, carbon, and aramid materials for specialty applications.